China Merchants Energy Shipping (601872.SH) announced that its wholly-owned subsidiary, Hong Kong Minghua Shipping Co., Ltd. (referred to as "Minghua")...
According to the announcement released by China Merchants Energy Shipping (601872.SH), its wholly-owned subsidiary, Hong Kong Minghua Shipping Co., Ltd. (referred to as "Minghua"), has recently signed two shipbuilding agreements with Qingdao Yangfan Shipbuilding Industry Co., Ltd. (referred to as "Yangfan") to build two 210,000-ton Cape-sized bulk carriers.
It is reported that the total cost of the two ships is about 1.05 billion yuan, which will be paid in five phases in US dollars according to the shipbuilding progress, including signing the contract (15%), starting construction (10%), keel laying (15%), launching (10%) and delivery (50%). The newly-built energy-saving and environmentally friendly 210,000-ton bulk carriers are equipped with desulfurization scrubbers and multiple energy-saving and environmentally friendly designs, which will have a significantly lower energy consumption level than the company's existing similar bulk carriers. This is a landmark step for the company to practice the concept of "green shipping", and will also contribute to the long-term goal of achieving "carbon neutrality" for the global shipping industry, especially the bulk transportation industry.